Autumn Gold Retail Report
Report Start Date: Jan-2020 - Report End Date: Oct-2025
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EMC Capital Advisors, LLC - EMC Balance Program
Trading Strategy: Trend Following / Diversified
Investment Restrictions: 4.7 Exempt - QEPs Only
Performance Since January 2020 | Track Record Compiled By: N/A
JanFebMarAprMayJunJulAugSepOctNovDecROR Max DD
20252.91%0.80%1.20%2.66%-0.04%2.26%0.19%2.97%6.30%5.10%––26.97%-0.04%
2024-0.92%1.32%4.57%-3.68%2.65%1.42%2.19%2.84%2.39%-2.28%0.42%-2.68%8.17%-4.50%
20234.89%-3.63%3.59%1.08%-1.18%2.30%1.87%-2.94%-4.88%-2.43%7.16%6.10%11.64%-9.92%
2022-2.97%-0.53%-0.65%-4.59%-0.22%-3.57%4.97%-3.61%-7.80%2.87%7.14%-3.00%-12.21%-17.88%
2021-0.51%-0.45%0.57%1.90%1.57%-0.22%0.27%1.00%-1.76%0.79%-0.56%1.82%4.44%-1.76%
20200.42%-2.27%-7.04%3.85%2.17%1.74%1.76%0.90%-0.80%-1.06%5.34%2.87%7.55%-9.15%
Program Description: The EMC BALANCE PROGRAM is a long-only strategy that allocates to a subset of diverse global markets, including global stock index futures, sovereign interest rate futures and metal futures. Components of the portfolio are optimized across markets to capture profits during times of economic expansion. Systematic rebalancing is done to return to optimal allocations.

Program Statistics
Peak-to-Valley Drawdown (2) -17.88%
   From Dec 2021 to Sep 2022
Worst Month (Sep 2022) -7.80%
Current Losing Streak 0%
Average Monthly Return 0.59%
Annualized Performance
Compound ROR (1) 6.71%
Standard Deviation10.37%
Sharpe Ratio0.64
Sterling Ratio1.09
Calmar Ratio (3)1.69

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.

Important Notes Regarding the CTA Universe: Traders are included in a market segment regardless of the percentage of their portfolio trades that particular segment. Choose the "Limit to NFA Members Only" option to see a report that includes only NFA Members. Some traders may have been eliminated from this report at the sole discretion of Autumn Gold. The Autumn Gold Universe of CTAs does not include all CTAs.
Statistial Notes: Compound ROR: The Annualized Compounded Rate of Return represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. It smoothes out returns by assuming constant growth.
Maximum Drawdown: Represents the worst drawdown experienced by a CTA from Inception.
Risk Adjusted Statistics: Measure how much risk is involved in producing return. The Sharpe Ratio and Sortino Ratio are both risk adjusted measures.
Sharpe Ratio: Is calculated using a 2% Risk Free Rate of Return. Downside Deviation & Sortino Ratio: Are calculated using a 5% Minimum Acceptable Rate of Return.
2004 - 2025 AutumnGold | Crestview, FL | 719-685-6183 | [email protected]


Autumn Gold Retail Report
Report Start Date: Jan-2020 - Report End Date: Oct-2025
Print to PDF

Investment Information

Program Start Date Aug-2018
Currency Denomination US Dollar
Minimum Investment $3,000,000
Minimum Fund Investment $100,000
Management Fee 2.00%
Incentive Fee 20.00%
Margin 6%
Round Turns per Million 120
NFA No: #0466576
Trading Methodology
100% Systematic
Trading Style
100% Long Only
Market Segment
55% Stock Indices
45% Financials
11% Metals
Statistical Comparisons EMC Capital Advisors
EMC Balance Program		 S&P 500
SP 500 TR
Remove		 AutumnGold
AG CTA Index
Remove
Annualized Compound ROR (1)7.34%15.48%4.96%
Cumulative Return51.20%131.57%32.64%
Cumulative VAMI(7)1,5122,3161,326
Best Monthly Return7.16%12.82%2.99%
Worst Monthly Return-7.80%-12.35%-1.27%
Annual Standard Deviation10.87%17.39%3.28%
Profit Loss Ratio1.681.903.37
Correlation—0.800.10
Last Month5.10%2.34%1.14%
Last 12 Months24.09%21.46%3.46%
Last 24 Months56.16%67.63%8.99%
Last 36 Months59.35%84.63%9.73%


Growth of $1,000 VAMI Comparison

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.

Important Notes Regarding the CTA Universe: Traders are included in a market segment regardless of the percentage of their portfolio trades that particular segment. Choose the "Limit to NFA Members Only" option to see a report that includes only NFA Members. Some traders may have been eliminated from this report at the sole discretion of Autumn Gold. The Autumn Gold Universe of CTAs does not include all CTAs.
Statistial Notes: Compound ROR: The Annualized Compounded Rate of Return represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. It smoothes out returns by assuming constant growth.
Maximum Drawdown: Represents the worst drawdown experienced by a CTA from Inception.
Risk Adjusted Statistics: Measure how much risk is involved in producing return. The Sharpe Ratio and Sortino Ratio are both risk adjusted measures.
Sharpe Ratio: Is calculated using a 2% Risk Free Rate of Return. Downside Deviation & Sortino Ratio: Are calculated using a 5% Minimum Acceptable Rate of Return.
2004 - 2025 AutumnGold | Crestview, FL | 719-685-6183 | [email protected]


Autumn Gold Retail Report
Report Start Date: Jan-2020 - Report End Date: Oct-2025
Print to PDF

An Important Note on the Start Date and End Date of this Report
If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. Performance Results reported or amended subsequent to Friday December 5, 2025 are not reflected in this Report. Monthly ROR and drawdowns are based on end-of-month values and do not reflect intramonth volatility.

Historical Drawdowns and Recoveries
The drawdown begins in the month listed as "start." Length is in months. Recovery begins the following month and ends when full recovery is reached.

Qualified Eligible Persons: THIS PROGRAM IS ONLY OPEN TO INVESTORS FITTING THE DEFINITION OF A QUALIFIED ELIGIBLE PERSON AS THAT TERM IS DEFINED UNDER CFTC REGULATION 4.7(A). A Qualified Eligible Person must meet the following two requirements:

    1. Must be an accredited investor (e.g., $1,000,000 net worth or $200,000 individual income / $300,000 joint income for 2 years).
    2. Must meet a portfolio test (e.g., $4,000,000 in securities or $400,000 in required margin deposits).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS INFORMATION IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CCFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Statistical Footnotes
1) The Annualized Compounded Rate of Return (ACROR) represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. It smooths out the returns by assuming a constant growth.
2) Peak to Valley Drawdown = worst % loss between Jan-2020 and Oct-2025
3) Calmar Ratio uses the last 36 months of data.

Benchmark Descriptions

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5 billion. The TR Index accounts for the reinvestment of dividends.

This report was prepared from trader-provided information and is believed to be reliable. It should be read alongside each Trader’s Disclosure Document or Fund Offering Document.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.

Important Notes Regarding the CTA Universe: Traders are included in a market segment regardless of the percentage of their portfolio trades that particular segment. Choose the "Limit to NFA Members Only" option to see a report that includes only NFA Members. Some traders may have been eliminated from this report at the sole discretion of Autumn Gold. The Autumn Gold Universe of CTAs does not include all CTAs.
Statistial Notes: Compound ROR: The Annualized Compounded Rate of Return represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. It smoothes out returns by assuming constant growth.
Maximum Drawdown: Represents the worst drawdown experienced by a CTA from Inception.
Risk Adjusted Statistics: Measure how much risk is involved in producing return. The Sharpe Ratio and Sortino Ratio are both risk adjusted measures.
Sharpe Ratio: Is calculated using a 2% Risk Free Rate of Return. Downside Deviation & Sortino Ratio: Are calculated using a 5% Minimum Acceptable Rate of Return.
2004 - 2025 AutumnGold | Crestview, FL | 719-685-6183 | [email protected]